Overview of Thai Economy – 22 May 2015

Part of the National Broadcast by General Prayut Chan-o-cha, Prime Minister –May 22, 2015

According to the National Economic and Social Development Board (NESDB), Thai economy grew 3% in the first quarter of 2015 (Jan-Mar). The percentage takes all factors into consideration such as imports, exports, and other estimates. Whether the number will rise or drop depends on the country’s stability. The government will try its best. The number cannot be made up. Without stability, there will not be growth. With risk factors, there will not be growth. Although these factors are often uncontrollable, we can be prepared for them. Everything must be ready.

The 3% economic expansion was greatly due to private consumption, government spending (which is the major factor of the growth), and tourism which has seen significant growth. I have seen a lot of tourists lately around the Government House, Ananda Samakhom Throne Hall, the Grand Palace, Chakri Maha Prasat Throne Hall, and other locations. This indicates that foreigners are more confident in Thailand. Please try to keep this kind of atmosphere. This is a result of the government’s spending policy and our efforts to regain confidence while ensuring a peaceful atmosphere in the country. All of these have helped to regain confidence among Thais and foreigners as well as the investors. We will work hard to resolve the economic fluctuation.

Thailand is now welcoming more tourists, thus allowing higher earnings, along with a higher employment rate. In May, 37.5 million people in Thailand were employed, accounting for an increase of 0.5% compared to the same period last year. The success is a result of cooperation between the government and the public.

Despite all that, we still have a huge challenge in terms of the country’s foundations. It will take time and require support from all sides, be they the public, private sector, and civil society. Thailand relies heavily on exports while most of the exporting products are agricultural goods. Not only the agricultural sector, Thai SMEs also lack stability. The government has been mobilizing efforts for almost a year now and will continue to do the same. Many of Thailand’s trading partners are facing economic uncertainties, which have caused a negative effect on Thai economy. Although 23 million people or around 37 percent of the population are in the agricultural industry, the total production only accounts for 8% of the country’s GDP.

 

Source : Royal Thai Government www.thaigov.go.th